Leases Leases

12 Months Ended

Jan. 31, 2020

The Company has entered into various non-cancelable office space operating leases with original lease periods expiring between 2020 and 2028. These leases do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. The Company's corporate headquarters lease in San Francisco has a 10 year term, which expires in October 2028. The Company is entitled to two five-year options to extend this lease, subject to certain requirements.

The Company has various sublease agreements with third parties. The subleases have remaining lease terms of between five months and five years. Sublease income, which is recorded as a reduction of rental expense, was $3.2 million for the year ended January 31, 2020 and nil for each of the years ended January 31, 2019 and 2018.

Operating lease costs were as follows (in thousands):



	Year Ended January 31,
	2020		2019		2018
Operating lease costs⁽¹⁾	$	23,193	$	23,290	$	10,588

⁽¹⁾Amounts are presented exclusive of sublease income and include short-term leases, which are immaterial.

The weighted-average remaining term of the Company’s operating leases was 7.9 years and 8.9 years and the weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.7% and 5.8% as of January 31, 2020 and January 31, 2019, respectively.

Maturities of the Company’s operating lease liabilities, which do not include short-term leases, as of January 31, 2020 were as follows (in thousands):



	Operating Leases
2021	$	21,225
2022	27,512
2023	27,532
2024	28,110
2025	25,768
Thereafter	81,209
Total lease payments	211,356
Less imputed interest	(44,781		)
Total operating lease liabilities	$	166,575

Cash payments included in the measurement of the Company’s operating lease liabilities were $18.3 million and $12.9 million for the years ended January 31, 2020 and January 31, 2019, respectively.

As of January 31, 2020, the Company has $56.9 million of undiscounted future payments under various operating leases that have not yet commenced, which are excluded from the table above. These operating leases will commence in fiscal 2021 and have lease terms between 1.3 years and 8.7 years.